About your Search

20110701
20110731
Search Results 0 to 4 of about 5
. it was believed they forged a partnership, but jon karl is in washington, and the speaker fired off a letter just before we came on the air tonight? >> reporter: that's right. the speaker and the president were on the verge of an historic deal that would have cut spending by $3.5 trillion, dealt with the debt crisis and raised that debt ceiling. now, the speaker has fired off this letter to all the members of the house, saying the deal, the talks are over. he says it has become evident that the white house is simply not serious about ending the spending binge. in the end, the speaker writes, we could not connect. i'm told this broke down over a disagreement over how much to raise tax revenues. >> and jon, you know it wasn't long after we learned that this letter was coming that the president said he was going to fire back then, too. here's what the president just said, we'll get your reaction herere >> we have run out of time and they are going to have to explain to me how it is that we are going to avoid default. and they can come up with any plans s at they want and bring them up here and we wi
hresh pro-b. [[[[ jon ] we don't just come up here for the view up in alaska. it's the cleanest, clearest water. we find the best, sweetest crab for red lobster we can find. yeah! [ male announcer ] hurry in to crabfest at red lobster. the only time you can savor three sweet alaskan crab entrees all under $20 like our hearty crabic seafood bake and roasted garlic seafood bake or snow crab and crab butter shrimp. [ jon ] i wouldn't put it on my table at home i wouldn't bring it in. my name's jon forsythe, and i sea food differently. [[[[ my whole body hurt. it was an ongoing, deep pain. i didn't understand it. i found out that connected to our muscles are nerves that send messages through the body. my doctor diagnosed it as fibromyalgia -- thought to be the result of overactive nerves that cause chronic, widespread pain. lyrica is believed to calm these nerves. i learned lyrica can provide significant relief from fibromyalgia pain. and less pain means, i can feel better and do more of what matters. [ female announcer ] lyrica is not for
security check riding on the outcome. abc's jon karl joins us now, from washington, with the latest. what about it? how close are we finally to a deal? >> reporter: getting close to a deal with the house speaker, john boehner. the outlines of this deal include up to $3 trillion in spending cuts over the next ten years including some cuts to popular entitlement programs like medicare and social security. also, elizabeth, it would include a promise or a commitment that congress would bring more money in through tax revenues by reforming the code, closing some of those loopholes. that's something that congress would act on over this last year. >> that last one, isn't that disguise? a tax increase in >> reporter: well, certainly some will call it that. the rates won't go up. congress would have to act over the next year. if they didn't ago, automatic steps would be taken that both sides wouldn't like which would be tax hikes and spending cuts. possibly, elizabeth, they're talking about repealing part of the health care bill. >> even if president obama and speaker boehner reach a deal they hav
and jon karl have been tracking it. let's start with jake. >> reporter: last night aftete their primetime addresses, house speaker john boehner was overheard saying he didn't sign up to go mano a mano with the president of the united states after the president called for congress to compromise. the president spoke sternly to the american people last night blaming house republicans, especially freshmen, for holding up a debt deal. >> the only reason this balanced approach isn't on its way to becoming law right now is because a significant number of republicans in congress are insisting on a different approach. >> reporter: house speaker john boehner responded by saying that the president wants to continue his rampant spending. >> the president often said we need a balanced approach, which in washington means, we spend morerend you pay more. >> reporter: right now there a a two competing bills, to raise the debt ceiling and reduce the deficit. a house one that likely cannot pass the senate and a a nate one that cannot likely pass the house. both raise the debt ceiling, cut more than $1 tril
markets. let's get a reality check from abc's countdown team. jake tapper at the white house. jon karl on capitol hill. bianna golodryga from the new york stock exchange. looking at the asian and european markets overnight, there seems to be concern but not panic yet, bianna. >> reporter: that's right. wall street seems to be patient with washington. markets opening blower. just about 130 points lower. not the knee jerk reaction that people were fearful of. things are still at an impasse. even though the markets aren't selling off, people are concerned about what's still on the table a credit downgrade. the s&p says the u.s. could lose its aaa ratings in the next three months. that would mean that interest rates go higher. it would be more difficult for people to get a loan out there. and it could be a big burden for this economy, as we're just starting to recover. george? >> jon, they had been hoping on capitol hill to come up with some sort of deal before the markets opened today. that has not happened. it seems, the only thing that everyone seems to be accepting th
Search Results 0 to 4 of about 5